Facebook's Sheryl Sandberg Sells Off $7.4 Million
Updated at 7:13 AM PST on Monday, Nov 5, 2012
Facebook's chief operating officer Sheryl Sandberg unloaded $7.44 million in shares as the company freed up its stock.
Sandberg sold off 339,512 at around $21.10 each on Halloween, the first day the stock lock up ended, according to Bloomberg News. She also sold an additional 13,392 shares at $20.79 each.
Facebook released 229 million shares for trading this week, and as we reported earlier, it will also release another 777 million shares on Nov. 14.
Theodore Ullyot, Facebook's general counsel, also sold 149,075 shares which raised $3.13 million, Bloomberg reported.
So far, co-founder Mark Zuckerberg's meetings
to stop his employees from unloading stock don't seem to be working -- at least not in the upper echelon. Zuckerberg himself sold off 30.2 million shares
just after his wedding and just after Facebook's initial public offering.